97 percent of investigated banks do not pay overtime

By Ko Lin

The city government’s Department of Labor revealed in its July finding that 97 percent of the island’s banking sector do not pay overtime to their employees, reports said Thursday.

Among the 32 banks investigated, 69 percent of the employees are overworked, while 56 percent have held their own regulations for implementing labor-management meetings, a breach that is against the government’s labor law, it said.

According to the department, the banks will be fined a net sum of NT$900,000 (US$30,000) respectively, which include ANZ Bank (Taiwan), Industrial Bank of Taiwan, Far Eastern International Bank, Sunny Bank, JihSun Bank, Bank SinoPac, and among several others.

The Financial Supervisory Commission (FSC) said although the regulations governing the banking sector vary from that of the production industry, banks in Taiwan should nevertheless follow the rules as stipulated by the Ministry of Labor (MOL).

“The city’s department of labor has invited the Financial Supervisory Commission (FSC) to include a new article stipulating the ‘labor law compliance’ as part of its Labor Act,” Jean Chiu said, deputy director of the city government’ Banking Bureau.

Hopefully, the new rule would help safeguard the interests of employees working in the banking sector, she said.

Photo Courtesy of CNA
    Photo Courtesy of CNA

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s